Business Week Says Sell Now For Big Profit
Published August 03, 2003
Business Week says that housing prices are so high that people considering retirement should consider selling before the "real estate buble bursts." I'm not sure if there is a real estate "bubble," but I am sure that with mortgage rates increasing, prices will definitely start leveling off soon, and they will definitely reach a level much lower than they were, say, this time last year. If you're considering selling, you will profit more from selling your home now than you will say, selling it next year.
Here's a snippet of the report from the St. Petersburg Times.
- Business Week Says Sell Now For Big Profit
- Published: August 03, 2003
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- Section: Culture
- Writer: Mr. Real Estate
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I recommend downsizing over renting. Rent prices are actually higher than mortgage payment prices, and often times people can pay cash for something smaller when downsizing, and by owning they can write off their mortgage if they have one, and Florida's homestead exemption lets them save on their property taxes, whereas, renting does not allow savings, but renters do typically help owners pay their property taxes.
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No doubt it would make good sense for anyone who is retiring in the not too distant future to sell now and rent or down size.
If I were the one making the decision, I would rent. In my estimation, a rise to 8 percent in interest rates should send housing prices down 18-22 percent.
Given the tax advantage of selling this could result in a whopper of a trade.
Bob